Mortgage interest rates could soon be affordable again. That seems to be the loud message after inflation dropped again for the fourth consecutive month and Federal Reserve Chairman Jerome Powell said the “time has come” to cut the federal funds rate. While a reduction there won’t directly reduce what lenders offer borrowers, it will greatly influence it. And that means mortgage rates, which are already down by more than a full percentage point since the end of 2023, could continue falling.

Homebuyers looking to secure the lowest rate possible — and current homeowners looking to refinance — should take note. And they should strongly consider taking some strategic steps now, ahead of what could be a rapidly evolving mortgage interest rate climate. One of the most important involves checking mortgage interest rates daily. Below, we’ll explain why this is such a critical but potentially overlooked move — and why it’s so important to do currently.

Start by seeing what mortgage interest rate you can qualify for here now.

Why you should check mortgage interest rates daily

While it may seem excessive to check mortgage interest rates on a daily basis, it can potentially result in significant savings for borrowers, both now and over the life of their mortgage loan. Here are three reasons why you should monitor mortgage interest rates each day:

They change daily

Mortgage interest rates change each day, except for weekends, thanks to a variety of factors. And while these changes aren’t typically major from day to day, they can portend significant adjustments to come. Even a 25 basis point reduction over a few days, for example, can result in hundreds of dollars saved on a monthly mortgage payment – and thousands of dollars over a 15-year or 30-year mortgage loan. But you won’t be able to take advantage of these drops if you don’t know about them. So check a few lenders that you trust daily to see how rates are evolving.

You can check rates from a variety of mortgage lenders online here today.

Each lender offers different rates

Not every lender will take the same cue from the Federal Reserve. Some may keep their interest rates stagnant while others may drop them even before an official cut to the federal funds rate is issued. Others, meanwhile, may move in tandem with the Fed. Regardless, each lender offers different rates and terms based on their interpretation of the market. So you’ll want to check these daily for opportunities to capitalize on a lower rate offer compared to what’s available with competitor lenders. 

Data affects rates

Any number of data points can affect mortgage interest rates. Unemployment data, inflation reports, and, of course, the Federal Reserve can all change what lenders offer home loan borrowers. Even comments from Fed officials, like those issued at the annual Jackson Hole symposium, can influence that day’s daily mortgage rates (and the days after). With so many important monthly calendar developments to keep track of, then, and with the potential for even spoken comments to have an influence, it behooves borrowers to check mortgage interest rates each day. 

The bottom line

Today’s mortgage interest rates may not be the same as tomorrow’s or yesterday’s. But the only way to know what’s being offered now — and one of the most effective ways to ultimately secure a low mortgage interest rate — is to check daily. Not only will rates move each day, but so will the offers from each lender, so it’s critical to shop around to gauge what’s available. And with so many data points having the potential to affect rates, particularly in today’s cooling inflationary climate, it’s critical that borrowers and owners who are looking to refinance stay aggressive and monitor the market daily to determine the best time to act. When they do find the rate they want, they should also consider locking it, too.